What changed in this filing

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Item 2. Management’s Discussion and Analysis

2021-11-09 compared with 2021-08-06 · 204 added, 186 removed, 58 unchanged (87% of the section changed)

2 Management’s Discussion and Analysis of Financial Condition and Results of Operations.

statements in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are

forward-looking statements that involve risks and uncertainties.

Words such as may, will, should, would, anticipates, expects, intends,

plans, believes, seeks, estimates and similar expressions identify such forward-looking statements.

Readers are cautioned not to place

undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof.

obligation to update these forward-looking statements to reflect actual results or changes in factors or assumptions affecting forward-looking

Factors that could cause or contribute to these differences include those discussed in the Risk Factors contained in our

Annual Report on Form 10-K for the year ended December 31, 2020 and our Prospectus filed with the SEC on February 16, 2021.

are an early entrant in the digital asset market and one of the first U.S.

statements in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking

statements that involve risks and uncertainties.

Words such as may, will, should, would, anticipates, expects, intends, plans, believes,

seeks, estimates and similar expressions identify such forward-looking statements.

Readers are cautioned not to place undue reliance

on these forward-looking statements, which reflect management’s analysis only as of the date hereof.

We assume no obligation to

update these forward-looking statements to reflect actual results or changes in factors or assumptions affecting forward-looking statements.

Factors that could cause or contribute to these differences include those discussed in the Risk Factors contained in our Annual Report

on Form 10-K for the year ended December 31, 2020 and our Prospectus filed with the SEC on February 16, 2021 and the Prospectus Supplement

dated September 14, 2021.

is an early entrant in the digital asset market and one of the first U.S.

publicly-traded companies to focus on digital assets and blockchain

technologies.

Through our blockchain infrastructure operations we secure disruptive blockchains by actively processing and validating

blockchain transactions and are rewarded with digital assets.

We are also developing a digital asset data analytics platform which allows

users to consolidate crypto trades from multiple exchanges on a single platform.

Digital assets are core to our corporate treasury strategy

with a primary focus on disruptive non-security protocol layer assets.

Through our blockchain-infrastructure operations, we secure disruptive next-generation blockchains by actively validating

transactions.

We are then rewarded with digital assets, while this process is similar to bitcoin mining the consensus mechanism is different.

Now we are building on the foundation of our pre-established infrastructure with the development of a digital asset data analytics dashboard.

The first feature of the dashboard, which is an open beta, allows users to evaluate their digital asset portfolios from multiple exchanges

on a single platform.

We also are developing and plan to integrate into the platform a staking-as-a-service feature that, once launched,

will allow users to participate in asset leveraging through securing blockchain protocols.

Infrastructure

infrastructure solutions can broadly be defined as earning a reward for securing a blockchain by processing and validating transactions

on that blockchain.

infrastructure solutions can broadly be defined as earning a reward for securing a blockchain by validating transactions on that blockchain.

There are currently two main consensus mechanisms used to secure blockchains:

i), proof-of-work (“PoW”),

in which nodes dedicate computational resources, and ii) proof-of-stake (“PoS”), in which nodes dedicate financial resources.

The intention behind both PoW and PoS is to make it practically infeasible for any single malicious actor to have enough computational

power or ownership stake to successfully attack the blockchain.

the case of PoW, a miner does “work” using energy consuming

computers and is rewarded for this “work” with digital assets.

The miner, through nodes, is validating transactions on the

blockchain, essentially converting electricity and computing power into a digital currency reward comprised of transaction fees and newly-minted

digital assets.

Bitcoin is an example of this and is by far the largest and most secure PoW blockchain.

regards to PoS, miners actively operate nodes and validate transactions

and are required to stake their holdings of a digital currency to participate in the consensus algorithm such that bad behavior can be

penalized by “slashing” the miners holdings and/or rewards.

PoS requires less energy/electricity to be consumed and can give

cryptocurrency holders who actively operate nodes and validate transactions a reward in the native cryptocurrency, provided that

they “stake” their holdings.

Miners who break the rules or fail to do the required “work” can be penalized

by “slashing” their rewards or staked digital assets;

thus, ill-intentioned behavior among miners is discouraged,

allowing for the blockchain to be properly maintained and secured.

PoS blockchains employ an environmentally-friendly technology

used to process and validate digital asset transactions.

Ethereum 2.0, Polkadot and Cardano are examples of PoS blockchains.

Company actively operates 240 nodes on the Ethereum Beacon Chain, and has deployed its own Cardano pool.

The Company plans to

expand its PoS operations to secure other disruptive blockchain protocols.

The Company is not currently securing PoW blockchains, such

as Bitcoin’s blockchain, but may in the future.

Company is developing a proprietary staking-as-a-service platform to allow users to stake and delegate supported cryptocurrencies through

a non-custodial platform.

Asset Data Analytics Platform

are also developing a proprietary digital asset data analytics platform aimed at enabling users to aggregate their portfolio holdings

from multiple exchanges and wallets into a single platform to view and analyze performance, risk metrics, and potential tax implications.

The internally developed platform utilizes digital asset exchange APIs to read user data and does not allow for the trading of assets.

As a result of the pandemic, we have experienced delays in the development of the platform, however, on April 1, 2021 we engaged an information

technology service provider to assist with the further development and acceleration of the platform.

Asset Treasury Strategy

Company employs a digital asset treasury strategy with a primary focus on disruptive non-security protocol layer assets such as Bitcoin

and Ethereum.

The Company receives digital assets from its blockchain infrastructure solutions business and acquires digital

assets through open market purchases.

The Company is not limiting its assets to a single type of digital asset and may hold a variety

of digital assets.

The Company will carefully review its purchases of digital securities to avoid violating the 1940 Act and seek to

reduce potential liabilities under the federal securities laws.

following tables reflect our digital assets held and their fair market values at period end:

i), proof-of-work (“PoW”), in which nodes dedicate

computational resources, and ii) proof-of-stake (“PoS”), in which nodes dedicate financial resources.

The intention behind

both PoW and PoS is to make it practically infeasible for any single malicious actor to have enough computational power or ownership

stake to successfully attack the blockchain.

the case of PoW, a miner does “work” using energy-consuming computers and is rewarded for this “work” with digital

The miner, typically through pools running nodes, validates transactions on the blockchain, essentially converting electricity

and computing power into a digital currency reward comprised of transaction fees and newly-minted digital assets.

Bitcoin is an example

of PoW and is by far the largest and most secure PoW blockchain.

miners, often referred to as validators in PoS systems, actively operate nodes and validate transactions.

Validators are required to

stake holdings of a digital currency to participate in the consensus algorithm and are rewarded in tokens for aligning behavior with

the rules of the algorithm.

Bad behavior can be penalized by “slashing” the validator’s holdings and/or rewards.

can also be removed from the network for breaking the rules.

Ill-intentioned behavior among validators is discouraged, allowing for the

blockchain to be properly maintained and secured.

Compared to PoW, PoS blockchains require less energy.

on the PoS blockchain protocol, native token holders have the opportunity to leverage their asset holdings by either delegating their

rights to a validator (“Delegating”), staking their token holdings in a staking pool (“Staking”), or running

their own validator (“Pooling”).

With Delegating, token holders indirectly participate by maintaining control of their private

keys and delegating their tokens to an existing validator.

Therefore, delegating is more akin to assigning voting rights of stock to

another person or entity via a power of attorney.

With Pooling, an operator and token holder combine tokens in order to improve the constituents’

collective odds of validating new blocks, and typically the operator takes custody of token holders funds i.e.

private keys.

for validation, the group is rewarded in tokens.

With both Delegating and Pooling, the validator operators earn a fee for providing the

technical capabilities of running a node 24/7 that requires regular, active maintenance and industry expertise.

Company built its foundation on securing PoS blockchains.

Apart from Bitcoin and Ethereum, all of the Company’s digital asset holdings

are in tokens secured by PoS or similar consensus mechanisms that allow for Delegating and asset leveraging.

The Company is currently

actively operating validator nodes on Ethereum’s beacon chain, Cardano, Tezos, Avalanche, and Cosmos.

Building on that base, the

Company plans to expand its PoS operations to secure other disruptive blockchain protocols.

Company’s plan is that this blockchain infrastructure will form the core for the growth of its platform.

The Company utilizes cloud

infrastructure to operate and run its validator nodes and does not maintain its own physical assets, but may add this infrastructure

in the future.

The Company is not currently securing PoW blockchains, such as Bitcoin’s blockchain, but may in the future.

Company currently holds the following digital assets which are core to its blockchain infrastructure efforts.

The table also includes

bitcoin which is not core to our infrastructure operations.

Assets Held at Period End

Bitcoin (BTC)

Ethereum (ETH)

Cardano (ADA)

Market Value of Digital Assets at Period End

Bitcoin (BTC)

Ethereum (ETH)

Cardano (ADA)

Market Value of Digital Assets

Approximately 9 ETH is not staked on Ethereum 2.0’s Beacon Chain.

of August 5, 2021 the fair market value of our digital assets was $26.5 million.

of November 4, 2021 the fair market value of our digital assets was approximately $45.7 million.

Asset Platform

Company is also developing a proprietary digital asset data analytics dashboard aimed at allowing users to evaluate their crypto portfolio

holdings across multiple exchanges and chains on a single platform.

The internally-developed dashboard utilizes digital asset exchange

APIs to read user data and does not allow for the trading of assets.

In addition to portfolio monitoring, we are also working to integrate

a full suite of other features including decentralized exchanges, wallets, risk metrics and potentially a way for users to calculate

end-of year-reports for tax purposes.

We believe that increasing the number of features we offer may create a sticky user experience

across multiple, interrelated products.

Additionally,

the Company is currently developing and plans to integrate into the platform a proprietary staking-as-a-service feature aimed at allowing

users to delegate their tokens on next-generation PoS blockchains to Company operated validator nodes.

Asset Treasury Strategy

Company employs a digital asset treasury strategy with a primary focus on disruptive protocol layer assets such as Bitcoin which are

not able to be staked (i.e.

non-productive).

They are distinct from digital assets used as the foundation for our blockchain infrastructure

operations previously discussed.

The Company’s digital asset treasury holding is comprised of 90 bitcoins as set forth above.

Company is not limiting its assets to a single type of digital asset and may hold a variety of digital assets.

The Company will carefully

review its purchases of digital securities to avoid violating the 1940 Act and seek to reduce potential liabilities under the federal

securities laws.

market is rapidly evolving and there can be no assurances that we will be competitive with industry participants that have or may have

19 unchanged sentences

measures, and not to rely on any single financial measure to evaluate our business.

calculate Adjusted EBITDA as net income (loss), adjusted to exclude, depreciation and amortization, interest expense, stock-based compensation

expense (including stock-based compensation issued to service providers), and impairment of intangible digital assets.

calculate Adjusted EBITDA as net income (loss), adjusted to exclude, depreciation and amortization, interest expense, change in fair

value of warrant liabilities, stock-based compensation expense (including stock-based compensation issued to service providers),

and impairment of intangible digital assets.

following table provides a reconciliation of net income (loss) to Adjusted EBITDA:

Six Months Ended June 30,

Net income (loss)

Months Ended September 30,

income (loss)

$ (15,466,585 )

Adjusted to exclude the following:

Depreciation and amortization

Interest expense

Stock-based compensation

Impairment of intangible digital assets

Adjusted EBITDA

of Operations for the Three Months Ended June 30, 2021 and 2020

following table reflects our operating results for the three months ended June 30, 2021 and 2020:

Three Months Ended June 30,

Staking revenue

Total revenues

Cost of revenues

Staking expenses

$ (1,795,897 )

to exclude the following:

and amortization

in fair value of warrant liabilities

of intangible digital assets

of Operations for the Three Months Ended September 30, 2021 and 2020

following table reflects our operating results for the three months ended September 30, 2021 and 2020:

Months Ended September 30,

and administrative

and development

and related expenses

operating expenses

General and administrative

Research and development

Compensation and related expenses

Total operating expenses

Other (expenses) income:

Interest expense

Amortization on debt discount

Impairment loss on digital assets/currencies

Realized gains (loss) on digital asset/currency transactions

Total other expenses

(expenses) income:

on debt discount

in fair value of warrant liabilities

loss on digital assets/currencies

other income (expenses)

$ (3,842,337 )

Deemed dividends related to amortization of beneficial conversion feature of Series C-2 convertible preferred stock

Deemed dividends related to recognition of downround adjustment to conversion amount for Series C-2 convertible preferred stock

Net loss attributable to common stockholders

$ (1,005,324 )

Net loss per share attributable to common stockholders, basic and diluted

Weighted average number of common shares outstanding, basic and diluted

for the three months ended June 30, 2021 and 2020 were approximately $0.4 million and $0, respectively.

The increase is from our blockchain

infrastructure solutions staking revenue.

of revenues for the three months ended June 30, 2021 and 2020 were approximately $59,000 and $0, respectively.

dividends related to amortization of beneficial conversion feature of Series C-2 convertible preferred stock

loss attributable to common stockholders

$ (3,855,525 )

$ (1,005,324 )

for the three months ended September 30, 2021 and 2020 were approximately $0.3 million and $0, respectively.

The increase is from our

blockchain infrastructure staking operating costs, including, web service hosting fees, and cash and stock-based compensation related

to services provided by vendor.

expenses for the three months ended June 30, 2021 and 2020 were approximately $2.3 million and $0.3 million, respectively.

is primarily due to the issuance of 12 million options, rendering $1.6 million in stock-based compensation expense during

the three months ended June 30, 2021.

expenses for the three months ended June 30, 2021 and 2020 was approximately $2.9 million and $0.2 million, respectively.

in other expenses is primarily due to a $2.3 million impairment loss on digital assets/currencies and $0.6 million amortization

of debt discount and interest expense on our convertible notes.

loss for the three months ended June 30, 2021 and 2020 was approximately $4.8 million and $0.4 million, respectively.

The increase is

primarily due to an increase of operating expenses, as discussed above.

blockchain infrastructure solutions validating revenue.

of revenues for the three months ended September 30, 2021 and 2020 were approximately $72,000 and $0, respectively.

The increase is from

our blockchain infrastructure validating operating costs, including, web service hosting fees, and cash and stock-based compensation

related to services provided by vendor.

expenses for the three months ended September 30, 2021 and 2020 were approximately $5.3 million and $0.9 million, respectively.

is primarily due to the issuance of 1.2 million options and issuance of 290,000 RSUs, which vested in September, rendering $4.7 million

in stock-based compensation expense during the three months ended September 30, 2021.

Income (Expenses)

income (expenses) for the three months ended September 30, 2021 and 2020 was approximately $1.2 million and $(0.1) million, respectively.

The decrease in other expenses is primarily due to a $2.0 million change in the fair value of warrant liabilities, partially offset by

$0.6 million increase in amortization of debt discount on our convertible notes and $0.2 million increase in impairment loss on digital

assets/currencies.

loss for the three months ended September 30, 2021 and 2020 was approximately $3.8 million and $1.0 million, respectively.

is primarily due to an increase of operating expenses, as discussed above.

loss attributable to common stockholders

incurred approximately $13,000 and $0 related to amortization of beneficial conversion feature of Series C-2 convertible preferred stock

and $0.2 million and $0 of deemed dividends related to recognition of anti-dilution adjustment to conversion amount for Series C-2 convertible

preferred stock for the three months ended June 30, 2021 and 2020, respectively.

of Operations for the Six Months Ended June 30, 2021 and 2020

following table reflects our operating results for the six months ended June 30, 2021 and 2020:

Six Months Ended June 30,

Staking revenue

Total revenues

Cost of revenues

Staking expenses

for the three months ended September 30, 2021 and 2020, respectively.

Digital Asset Rewards Fair Market Value

fair market value as of September 30, 2021 of earned digital assets rewards for operating validator nodes for the three months ended

September 30, 2021 was $343,725.

of Operations for the Nine Months Ended September 30, 2021 and 2020

following table reflects our operating results for the nine months ended September 30, 2021 and 2020:

Months Ended September 30,

and administrative

and development

and related expenses

operating expenses

General and administrative

Research and development

Compensation and related expenses

Total operating expenses

Other (expenses) income:

Interest expense

Amortization on debt discount

Impairment loss on digital assets/currencies

Realized gains (loss) on digital asset/currency transactions

Total other expenses

(expenses) income:

on debt discount

in fair value of warrant liabilities

loss on digital assets/currencies

gains (loss) on digital asset/currency transactions

other expenses

$ (15,466,585 )

Deemed dividends related to amortization of beneficial conversion feature of Series C-2 convertible preferred stock

Deemed dividends related to recognition of downround adjustment to conversion amount for Series C-2 convertible preferred stock

Net loss attributable to common stockholders

$ (1,795,897 )

Net loss per share attributable to common stockholders, basic and diluted

Weighted average number of common shares outstanding, basic and diluted

for the six months ended June 30, 2021 and 2020 were approximately $0.5 million and $0, respectively.

The increase is from our blockchain

infrastructure solutions staking revenue.

of revenues for the six months ended June 30, 2021 and 2020 were approximately $74,000 and $0, respectively.

dividends related to amortization of beneficial conversion feature of Series C-2 convertible preferred stock

dividends related to recognition of downround adjustment to conversion amount for Series C-2 convertible preferred stock

loss attributable to common stockholders

$ (20,533,009 )

$ (1,795,897 )

for the nine months ended September 30, 2021 and 2020 were approximately $0.8 million and $0, respectively.

The increase is from our

blockchain infrastructure staking operating costs, including, web service hosting fees, and cash and stock-based compensation related

to services provided by vendor.

expenses for the six months ended June 30, 2021 and 2020 were approximately $10.2 million and $0.5 million, respectively.

is primarily due to the issuance of 12 million options, 7.2 million of which have vested during the six months ended June 30,

2021, rendering $8.7 million in stock-based compensation expense.

expenses for the six months ended June 30, 2021 and 2020 was approximately $1.8 million and $0.3 million, respectively.

in other expenses is primarily due to a $3.6 million impairment loss on digital assets/currencies and $1.1 million amortization

of debt discount and interest expense on our convertible notes, partially offset by $3.1 million in realized gains on digital

assets/currency transactions.

loss for the six months ended June 30, 2021 and 2020 was approximately $11.6 million and $0.8 million, respectively.

The increase is

primarily due to increase of operating expenses, as mentioned above.

blockchain infrastructure validating revenue.

of revenues for the nine months ended September 30, 2021 and 2020 were approximately $146,000 and $0, respectively.

The increase is from

our blockchain infrastructure validating operating costs, including, web service hosting fees, and cash and stock-based compensation

related to services provided by vendor.

expenses for the nine months ended September 30, 2021 and 2020 were approximately $15.6 million and $1.4 million, respectively.

is primarily due to the issuance of 1.2 million options, 0.7 million of which vested during the nine months ended September 30, 2021,

and issuance of 340,782 RSUs, 290,000 of which vested during the nine months ended September 30, 2021, rendering $13.3 million in stock-based

compensation expense.

expenses for the nine months ended September 30, 2021 and 2020 was approximately $0.5 million and $0.4 million, respectively.

in other expenses is primarily due to a $3.8 million impairment loss on digital assets/currencies and $1.7 million amortization of debt

discount and interest expense on our convertible notes, partially offset by $3.1 million in realized gains on digital assets/currency

transactions.

loss for the nine months ended September 30, 2021 and 2020 was approximately $15.5 million and $1.8 million, respectively.

is primarily due to increase of operating expenses, as mentioned above.

loss attributable to common stockholders

1 unchanged sentence

and $5.0 million and $0 of deemed dividends related to recognition of anti-dilution adjustment to conversion amount for Series C-2 convertible

preferred stock for the six months ended June 30, 2021 and 2020, respectively.

preferred stock for the nine months ended September 30, 2021 and 2020, respectively.

Digital Asset Rewards Fair Market Value

The fair market value as

of September 30, 2021 of earned digital assets rewards for operating validator nodes for the nine months ended September 30, 2021 was

and Capital Resources

Cash from Operating Activities

the six months ended June 30, 2021, net cash used in operating activities was $3.3 million, which was primarily driven by a $11.6 million

net loss and $5.8 million purchase of non-productive digital currencies, a $3.1 million realized gain on non-productive digital

the nine months ended September 30, 2021, net cash used in operating activities was $3.9 million, which was primarily driven by a $15.5

million net loss and $5.8 million purchase of non-productive digital currencies, a $3.1 million realized gain on non-productive digital

assets/currencies transaction;

this was partially offset by the sale of non-productive digital assets/currencies of $4.3

million, a $3.6 million impairment loss on digital currencies, and $9.2 million in stock-based compensation.

cash used in operating activities was approximately $1.1 million for the six months ended June 30, 2020.

this was partially offset by the sale of non-productive digital assets/currencies of $4.3 million, a $3.8

million impairment loss on digital currencies, and $13.9 million in stock-based compensation.

cash used in operating activities was approximately $1.7 million for the nine months ended September 30, 2020.

Net cash used in operating

activities for the six months ended June 30, 2020 was primarily driven by a $790,573 net loss and $608,000 purchase of digital currencies,

and partially offset by an impairment loss on digital currencies of $132,952.

activities for the nine months ended September 30, 2020 was primarily driven by a $1.8 million net loss and $0.8 million purchase of

digital currencies, and partially offset by an impairment loss on digital currencies of $0.2 million.

Cash from Investing Activities

the six months ended June 30, 2021, net cash used in investing activities was $8.5 million, which stemmed from the $8.5

million purchase of productive digital assets/currencies for staking.

the six months ended June 30, 2020, there were no investing activities.

the nine months ended September 30, 2021, net cash used in investing activities was $9.5 million, which stemmed from the $9.5 million

purchase of productive digital assets/currencies for our blockchain infrastructure validator operations.

the nine months ended September 30, 2020, there were no investing activities.

Cash from Financing Activities

the six months ended June 30, 2021, net cash provided by financing activities was approximately $14.2 million, which was primarily driven

by approximately $2.8 million in aggregate proceeds from the issuance of 2,887,776 shares of common stock under our Equity

Line, $1.0 million proceeds from the issuance of convertible notes, $8.9 million in net proceeds from the issuance

of common stock and warrants for cash, $0.4 million from the cash exercise of Series C Warrants, and $1.1 million in proceeds

from the issuance of Series C-2 convertible preferred stock.

cash provided by financing activities was approximately $1.1 million for the six months ended June 30, 2020.

During the six months

ended June 30, 2020, Company issued 6,956,002 shares of common stock (including 32,588 pro-rata commitment shares) under the Purchase

Agreement with Cavalry resulting in aggregate proceeds of approximately $556,000.

In addition, the Company entered into a $500,000 short

term convertible note payable in April 2020.

The convertible note bears interest at 12% per annum.

of August 5, 2021, the Company had approximately $2.7 million of cash.

June 30, 2021, we had current assets of $6.2 million, long term assets of $8.3 million, and current liabilities of $1.4 million;

the nine months ended September 30, 2021, net cash provided by financing activities was approximately $13.5 million, which was primarily

driven by approximately $3.0 million in aggregate proceeds from common stock sold under our Equity Line Purchase Agreement, $1.0 million

proceeds from the issuance of convertible notes, $8.9 million in net proceeds from the issuance of common stock and warrants for cash,

$0.4 million from the cash exercise of Series C Warrants, $1.1 million in proceeds from the issuance of Series C-2 convertible preferred

stock, and $0.2 million in proceeds from common stock sold pursuant to the ATM Agreement.

the nine months ended September 30, 2020, net cash provided by financing activities was approximately $1.9 million, which was primarily

driven by approximately $1.4 million in aggregate proceeds from common stock sold under our Equity Line Purchase Agreement, and the issuance

of a $500,000 short term convertible note payable in April 2020.

of November 4, 2021, the Company had approximately $1.4 million of cash, approximately $97 million available under

the ATM Agreement, and the fair market value of the Company’s liquid digital assets was

approximately $8.8 million.

September 30, 2021, we had current assets of $4.3 million, long term assets of $8.8 million, and current liabilities of $4.7 million;

working capital amounted to $(0.4) million.

the six months ended June 30, 2021, the Company received net proceeds of approximately $14.2 million from the issuance

of a convertible note, common stock, warrants, and Series C-2 convertible preferred stock.

Company has adequate cash to fund operations for at least the next twelve months.

the nine months ended September 30, 2021, the Company received net proceeds of approximately $14.6 million from the issuance of:

C-2 convertible preferred stock, a convertible note, common stock and warrants issued pursuant to the Purchase agreement, common stock

issued pursuant to the Equity Line Purchase Agreement, the cash exercise of warrants, and the proceeds from the common stock sold pursuant

to the ATM Agreement.

On September 30, 2021, the fair market value of the Company’s liquid digital assets was approximately $6.2

As such, the Company has adequate cash to fund operations for at least the next twelve months.

Balance Sheet Transactions

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis